8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant To Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 19, 2016

 

 

Central Garden & Pet Company

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-33268   68-0275553

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1340 Treat Boulevard, Suite 600, Walnut Creek, California   94597
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (925) 948-4000

 

(Former name or former address if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Fiscal 2015 Bonus Determination

On February 19, 2016, the Compensation Committee of the Board of Directors of Central Garden & Pet Company (the “Company”) approved a cash bonus payment to the Company’s President and Chief Executive Officer, John R. Ranelli, in respect to fiscal 2015. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2016 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 29, 2015 (the “Proxy Statement”), because the amount of the bonus had not been determined at the time of filing the Proxy Statement. In accordance with Item 5.02(f), the table below updates the Bonus and Total columns in the fiscal 2015 summary compensation table for the named executive officers previously set forth in the Proxy Statement. No other amounts have changed.

SUMMARY COMPENSATION TABLE

 

Name and Principal Position

   Year      Salary
($)
    Bonus
($)
    Stock
Awards
(1)($)
     Option
Awards
(2)($)
     All
Other
Compen
sation
(3)($)
     Total
($)
 

John R. Ranelli

     2015         750,612        935,000        3,025,220         —           459,896         5,170,728   

President and Chief

     2014         673,000        505,000        1,078,157         —           418,806         2,674,963   

Executive Officer

     2013         414,154 (4)      475,306 (5)      445,000         987,501         578,022         2,899,983   

William E. Brown

     2015         319,500        120,000        —           —           12,808         452,308   

Chairman

     2014         390,000        390,000        —           —           11,707         791,707   
     2013         490,000 (6)      —          —           —           10,813         500,813   

Michael Reed

     2015         446,154        360,000        —           127,500         24,337         957,991   

Executive Vice

     2014         435,962        220,000        543,006         —           24,361         1,223,329   

President

     2013         425,000        212,500 (7)      —           87,500         21,190         746,190   

George A. Yuhas

     2015         426,154        295,000        —           127,500         20,872         869,526   

General Counsel

     2014         417,308        188,000        142,670         —           25,074         773,052   
     2013         404,615        165,000 (7)      —           87,500         25,731         682,846   

David N. Chichester

     2015         42,308        35,000        20,006         63,797         71,500         232,611   

Acting Chief Financial

                  

Officer

                  

Lori A. Varlas

     2015         461,539        —          —           127,500         75,485         664,524   

Former Senior Vice

     2014         427,308        193,000        220,370         —           25,994         866,672   

President and

                  

Chief Financial Officer (8)

     2013         414,616        105,000        —           87,500         26,279         633,395   

 

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(1) This column represents the grant date fair value in accordance with ASC 718. These amounts do not represent the actual value that may be realized by the named executive officers.
(2) This column represents the grant date fair value in accordance with ASC 718. Please refer to Note 14, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed on December 10, 2015 for the relevant assumptions used to determine the compensation cost of our stock option awards. These amounts do not represent the actual value, if any, that may be realized by the named executive officers.
(3) The components of the “All Other Compensation” column for fiscal 2015 are detailed in the following table:

 

Description

   Ranelli      Brown      Reed      Yuhas      Chichester      Varlas  

Company matching contribution to 401(k) plan

   $ 2,581       $ 2,500       $ 3,125       $ 2,554       $ —         $ 3,887  

Medical and life insurance premiums

     10,412         10,308         10,412         6,318            10,713   

Car allowance or lease

     12,000         —           10,800         12,000         —           11,000   

Consulting

     —           —           —           —           —           2,500   

Vacation payout upon separation

                    47,385   

Legal expense reimbursement

     189,163         —           —           —           —           —     

Director fees

     —           —           —           —           71,500         —     

Housing allowance

     126,000         —           —           —           —           —     

Tax gross-up payments

     119,740         —           —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 459,896       $ 12,808       $ 24,337       $ 20,872       $ 71,500       $ 75,485   

 

(4) Mr. Ranelli was appointed Chief Executive Officer in February 2013.
(5) Reflects bonus for fiscal 2013 settled in fully vested shares of common stock.
(6) Mr. Brown served as Chief Executive Officer until February 2013. His base salary was reduced from $675,000 per year to $390,000 per year to reflect the reduction in his responsibilities subsequent to stepping down as Chief Executive Officer.
(7) Includes the $65,000 portion of the bonus for fiscal 2013 settled in fully vested shares of Class A common stock.
(8) Ms. Varlas served as Senior Vice President and Chief Financial Officer until September 2015.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CENTRAL GARDEN & PET COMPANY

By:       /s/ George A. Yuhas                      

George A. Yuhas              

       General Counsel and Secretary

Dated: February 25, 2016

 

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